This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Completed

Title Description
Consolidation — Comprehensive project Completed 2011. IFRS 10, "Consolidated Financial Statements," was issued on May 12, 2011, implementing a single consolidation model based on the concept of control replacing both IAS 27 and SIC-12.
Definition of a nonpublic entity Completed 2013. The objective of this project was to reexamine the definition of a nonpublic entity and public entity. The project focused on (1) defining what constitutes a private company (nonpublic business entity) to distinguish between different types of entities for standard-setting purposes and (2) determining which companies would be included in the scope of the Private Company Decision-Making Framework. The project also focused on what constituted a nonpublic not-for-profit entity. An ASU was issued on December 23, 2013, completing the project.
Development-stage entities The objective of this project is to reduce cost and complexity in the financial reporting system by eliminating inception-to-date information from the financial statements of development-stage entities. As part of the project, the FASB staff will research potential additional disclosures that could result in increased relevance for users of development-stage entity financial statements. A final ASU was issued on June 10, 2014.
Fair value measurement disclosures of private company equity securities by employee benefit plans Completed 2013. The objective and primary focus of this project was to address an issue brought to the FASB’s attention involving proprietary information of private companies in U.S. GAAP financial statements being made public in connection with regulatory filings of employee benefit plans holding those securities.
Financial instruments — General hedge accounting Completed 2013. IFRS 9, "Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)," was issued on 19 November 2013.
Going concern The objective of this project is to provide guidance about (1) how an entity should assess its ability to continue as a going concern and (2) the timing, nature, and extent of any related disclosure requirements. A final ASU was issued on August 27, 2014.
Private company decision-making framework Completed 2013. The objective of this project was to develop a private company decision-making framework (the "Guide") for the FASB and the PCC to use in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP. This Guide is not intended to be an entirely new conceptual framework that would lead to a basis for preparing financial statements of private companies that is fundamentally different from the basis for preparing financial statements of public companies. Rather, the Guide augments the existing conceptual framework for financial reporting to provide additional considerations in making user-relevance and cost-benefit evaluations under the existing conceptual framework for private companies. The Guide was issued on December 23, 2013, completing the project.
Reporting discontinued operations The primary objective of the project is to improve the definition and reporting of discontinued operations. Some stakeholders have said that too many disposals of assets qualify for discontinued operations presentation. This results in financial statements that are not decision-useful for users and higher costs for preparers. The project will also enhance convergence of the FASB’s and the IASB’s reporting requirements for discontinued operations. A final ASU was issued on April 10, 2014.
Transfers and servicing: Repurchase agreements and similar transactions The objectives of this project are to improve the existing accounting and disclosure guidance on repurchase agreements and other transactions involving a transfer and a forward agreement to repurchase the transferred assets at a fixed price from the transferee, to address application issues and changes in the marketplace, and to ensure that investors obtain useful information about these transactions. A final ASU was issued on June 12, 2014.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.